As stated by the DFC, the project consists of a $150 million Basel III-compliant Tier 2 bond to expand the Borrower’s on-lending to women and women-led small and medium enterprises, including in Turkey’s least developed regions.
Tthe Project is expected to have a positive development impact in Turkey by helping to address the country’s small and medium enterprise (“SME”) financing gap, which is estimated to be approximately $80 billion, or 11% of GDP. More specifically, the Project will seek to improve the livelihoods of women by allocating 100% of project proceeds to improve access to finance to both individual women and women-led/women-owned SMEs. Additionally, the Project will address the ever-present lack of financial service penetration in rural areas by allocating 50% of the project proceeds to women and women-led/women-owned SMEs in the country’s least developed regions, including provinces in southern and eastern Turkey.
Loans for the purposes of providing Tier II capital are screened as Category C projects for the purpose of environmental and social assessment in accordance with DFC’s ESPP.
As stated by Bloomberg, Akbank T.A.S. attracts deposits and offers retail and corporate banking services. The Group offers consumer credits, credit cards, wealth management, health and life insurance, pension plans, risk management, project financing, foreign trade and cash management services through its branches in Turkey and overseas.
Financial Intermediary - Akbank T.A.S.:
Address: Akbank T.A.S., Head Office, Sabanci Center, 34330, 4 Levent, Istanbul
Phone: +90 212 385 55 55
Fax: +90 212 269 77 87 / +90 212 319 52 52
ACCESS TO INFORMATION
Unlike many other development finance institutions, DFC does not currently have an access to information policy.
Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia
ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)
The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.
You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability